BBVA Bank will study ZKP to improve the security of financial data

Spanish bank BBVA has announced a partnership with research center IMDEA Software Institution for researchzero disclosure evidence (ZKP), as well as other cryptographic methods.

Organizations will use technology andresearch each other for the fastest possible introduction of innovation. The partnership will enable institutions to explore a range of cryptography applications in the context of the financial sector, including the possibility of introducing secure methods for transmitting data over the network.

According to the press release, the study will alsois dedicated to "developing viable prototypes that can be incorporated into digital products and services offered to BBVA customers." Antonio Faonio from IMDEA said:

“Until recently, cryptographic methodswere of interest only at the theoretical level. In recent years, we have seen tremendous success in this area, thanks to which these methods can be applied to some practical scenarios. ”

Organizations describe ZKP as a technology that could be "the key to creating digital solutions that protect the privacy and security of user data."

At the first stage of project research, the mainattention will be paid to existing barriers to the wider implementation of ZKP, including the problems of integrating zero-knowledge evidence into existing systems and the lack of common standards for the use of cryptographic protocols.

Organizations claim to have conducted extensiveresearch and have significant experience in ZKP deployment. Carlos Kuchkovsky, Head of BBVA Research and Patents, said:

“There is a growing need for developmenttechnological solutions that will allow us to protect information when using digital services in everyday life. This need has become even more tangible as a result of the coronavirus pandemic, which demonstrates the need for reliable data protection systems, taking into account the growing number of cyber attacks and the use of applications that record user data to track disease. ”

Using null proofsdisclosure is being studied by many companies and projects both outside and within the cryptocurrency industry. Recently, Vitalik Buterin proposed the use of ASIC miners for ETH in ZKP calculations.

</p></p>